PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 677

one million dollars ($1,000,000.00), and to authorize the
Board of Public Works to transfer to the Consolidated Loan
of 1899 sinking fund on or before January 1st, nineteen
hundred and fourteen, such of the S,tate debt known as the
"Consolidated Loan of 1899" as may at the time of such
transfer be held in the other State sinking funds, in exchange
at par for other bonds or certificates of indebtedness issued
by the State of Maryland as may at the time of such
exchange form part of the sinking fund of the said "Consoli-
dated Loan of 1899;" and further authorizing the Board of
Public Works, within their discretion, to sell at public sale
for the purpose of redeeming the said State debt known as
the "Consolidated Loan of 1899," the securities belonging
to the sinking fund of the "Consolidated Loan of 1899,"
other than the bonds or certificates of indebtedness issued by
the State of Maryland.

WHEREAS, Bonds or certificates of indebtedness of this State
issued under and by virtue of Chapter 219 of the Acts of
1898, and amounting in the aggregate to three million one
hundred and ninety-one thousand and ninety-five dollars and
sixty-three cents ($3,191,095.63) are outstanding; and,

WHEREAS, It is desirable to provide for the extension of part
of the said debt so issued as aforesaid at a rate of interest
not higher than four, per centum per annum, as may remain
unpaid on the first day of October, in the year nineteen hun-
dred and thirteen, in case where the holders of any such
bonds or certificates of indebtedness may desire to extend
the time of payment of the debt evidenced thereby, at such
rate of interest and to take up and pay such parts of the
said debt as may not be so extended, and are now outstand-
ing and may be uedeemed or exchanged by this State.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That for the purpose of such extension and redemption a
loan be and the same is hereby created to be called the "State
Loan of 1914," to the amount of one million dollars ($1,000,-
000.00), and said loan hereby created shall in all its parts
bear date at the first day of January, in the year nineteen
hundred and fourteen, and shall bear interest at a rate not
exceeding four per centum per annum, payable on the first day